Can bartering be an adequate substitute for money?

MacroeconomicsSub-subject: Money and Banking or Financial Literacy StandardsSS.912.E.1.13 Explain the basic functions and characteristics of money, and describe the composition of the money supply in the United States. LAFS.1112.RH.1.1: Read Closely and Cite Evidence: Read closely to determine the characteristics of money.LAFS.1112.RH.1.3: Inferences based on evidence:Using evidence from the texts, describe why a banana isn't an good substitute for money.LAFS.1112.RH.2.4: Key Disciplinary Concepts and Academic Vocabulary: money, currency, bartering, market, trade, specialization, and scarcityLAFS.1112.SL.1.2: Integrate multiple multimedia sources: "After viewing the different sources, explain why bartering evolved into an acceptable common currency system.” LAFS.1112.SL.1.1: Collaborative conversations: "Why were other historical forms of currency not effective? LAFS.1112.WHST.1.1:Write arguments: "Using evidence from sources,argue whether bartering is or is not a sufficient and adequate substitute for money in today's economy."

Argumentative Writing Prompt: "Bartering: An adequate substitute for money?"One class session, with writing for homework. (Or two class sessions, guiding students through the writing process)Students will read/view a variety of multimedia texts about bartering, money, and the characteristics of money to determine whether bartering can be an adequate substitute for money. While viewing/reading, students take notes to choose and validate their side of the argument with evidence. Using the Argument Writing Graphic Organizer students organize their evidence into an argument. They use this to create their essay.

Preview: Tell students that they will be viewing a variety of texts, including videos, to determine if bartering can be an adequate substitute for money. While they read or view the different sources, they should take notes and cite their sources. Before they begin, have students review the writing rubric and the argument graphic organizer in the Materials for the Lesson above.

1) Give the Prompt: Can bartering be an adequate substitute for money? Watch the Cav-o-nomics video clip. Students take notes on the following five economic concepts: money, market, trade, specialization, and scarcity. How are they seen in the film and today? Did bartering create a problem? What is the solution to the bartering problems? What evidence did you find in the film to answer the prompt? Record your evidence. Watch Cav-o-nomics from We the Economy

2) Watch and read What is Money? (article and video from The Atlantic) to identify the characteristics of money. Then read Federal Reserve Money p. 1-5. What are the characteristics of money? Why are the characteristics of money important?

3) View the Visual.ly info graphic below and find more evidence to support your position whether bartering is a successful substitute for money.

4) Conclusion: Students respond to the following prompt: "Using support from each of the multimedia sources, describe the characteristics of money and argue whether bartering is or is not a sufficient and adequate substitute for money in today's economy."

5) Extension Listen and Read: "The Invention of Economy"Tell students: "Now that we have discovered how money has solved some of our problems, as them: Does money solve all of our problems?" Students read the article to explain how "how do we know markets are successful" before they listen to/read the NPR article.